Aug. 20 at 6:01 PM
$MRT Q2: revenue +141% to
$20M. Cost of revenue +31.5%.
That gap is the whole story.
Gross margin 77%, up from 57% LY. First positive adj EBITDA ever at
$2.9M, already 41% of the full-year
$7M target with two quarters left.
Turkish labor and insurance costs run structurally lower, so Marti prints high-70s gross margin, roughly 40% above
$UBER and
$LYFT. If that advantage carries through to EBITDA at scale, the terminal margin here is in a different class.
Guidance went
$70M rev /
$1M EBITDA in Dec to
$85M /
$7M in July. They raised the profit line 7x in seven months.
~
$265M EV = 3x 2026 sales.
$150M rev in 2027 at that same 3x is
$450M EV, 60%+ upside. Assume 40% EBITDA at scale and it's a
$6+ stock.
30 cities, 85% of Türkiye GDP. Land grab is paid for. Now they densify.
Not advice.
